UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of
1934
Date
of Report (Date of earliest event reported): April 28,
2005
Stratus
Properties Inc.
(Exact
name of registrant as specified in its charter)
|
Delaware |
|
0-19989 |
|
72-1211572 |
|
(State
or other jurisdiction of incorporation) |
|
(Commission
File Number) |
|
(IRS
Employer Identification Number) |
|
98
San Jacinto Blvd., Suite 220 |
|
|
Austin,
Texas |
78701 |
|
(Address
of principal executive offices) |
(Zip
Code) |
Registrant's
telephone number, including area code: (512) 478-5788
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Item
8.01. Other
Events.
Stratus
Properties Inc. (NASDAQ: STRS) today updated the development activities at its
282-acre Lantana project area in southwest Austin. Lantana is a partially
developed, mixed-use project with remaining entitlements for approximately three
million square feet of office and retail use. Regional utility and road
infrastructure is in place with capacity to serve Lantana at full
build-out.
Advanced
Micro Devices, Inc. (NYSE: AMD) recently announced plans for a new campus at
Lantana. The proposed project consists of approximately 825,000 square feet of
office and related uses located on a 59-acre site owned by Stratus at the
southeast corner of West William Cannon Drive and Southwest Parkway. Stratus is
working with AMD on site planning and related matters necessary to develop the
project. Development of the AMD project is subject to several conditions,
including finalizing definitive agreements and securing financing.
Stratus
currently has three existing fully leased office buildings at Lantana, including
its Lantana Corporate Center located at 7000 West William Cannon Drive, which
consists of two buildings totaling 140,000 square feet, and its
75,000-square-foot building at 7500 Rialto Boulevard. In response to current
demand, Stratus plans to commence construction of a second 75,000-square-foot
office building at 7500 Rialto Boulevard during the third quarter of this
year.
____________________________
CAUTIONARY
STATEMENT. This report contains certain forward-looking statements regarding
proposed real estate development activities at Lantana. Accuracy of the
forward-looking statements depends on assumptions about events that change over
time and is thus susceptible to periodic change based on actual experience and
new developments. Stratus cautions readers that it assumes no obligation to
update or publicly release any revisions to the forward-looking statements in
this report. Important factors that might cause future results to differ from
those forward-looking statements include economic and business conditions, the
availability of financing, the ability to enter into definitive agreements,
regulatory approvals and environmental regulations. Such factors and others are
more fully described in the Stratus 2004 Annual Report on Form 10-K filed with
the Securities and Exchange Commission.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Stratus
Properties Inc.
By: /s/
John E. Baker
----------------------------------------
John E.
Baker
Senior
Vice President and
Chief
Financial Officer
(authorized
signatory and
Principal
Financial Officer)
Date:
April 28, 2005